Sunshine Bancorp, Inc. Reports 2nd Quarter and Year to Date Results

July 26, 2017 04:30 PM Eastern Daylight Time

PLANT CITY, Fla.--(EON: Enhanced Online News)--Sunshine Bancorp, Inc. (the “Company”) (NASDAQ: SBCP), the holding
company for Sunshine Bank (the “Bank”), has released its unaudited
consolidated financial results for the second quarter and six months
ended June 30, 2017.

Key Highlights from the 2nd Quarter 2017

Earnings of $0.23 per basic and diluted share

Total assets of $956 million

Annualized loan growth of 8%

Maintained top tier credit metrics with NPAs to Assets at 0.08%

The Company recognized net income of $1.8 million for the second quarter
of 2017 compared to net income of $1.6 million in the first quarter 2017
and net income of $73,000 for the second quarter 2016. Net income was
$3.4 million for the six months ended June 30, 2017 compared to $227,000
for the six months ended June 30, 2016.

Total assets were $955.9 million at June 30, 2017 compared to $956.4
million at March 31, 2017 and $931.4 million at December 31, 2016. Net
loans increased to $703.9 million at June 30, 2017 compared to $689.7
million at March 31, 2017 and $683.8 million at December 31, 2016. The
Commercial Real Estate to Total Risk Based Capital ratio at June 30,
2017 was below 265%. The Company continues to deliver on the
organizational focus around relationship banking.

Total deposits were $776.1 million at June 30, 2017 compared to $771.2
million at March 31, 2017 and $729.9 million at December 31, 2016. The
Company continues to maintain a low cost of funds led by strong core
deposit funding. Despite a slower second quarter, deposit growth
annualized year to date was 12%.

Andrew Samuel, President and CEO, commented, “We are thrilled to
announce another strong quarter of financial results. We continue to
focus on delivering uncompromised service to our clients and the credit
for our success goes to our great employees. Our team has worked
incredibly hard over the past few years to deliver on our goal of
creating a dynamic community banking franchise in Central Florida.”

The Bank’s non-performing assets as of June 30, 2017 were $739,000
compared to $988,000 as of June 30, 2016. The Bank’s non-performing
assets to total assets ratio as of June 30, 2017 was 0.08% compared to
0.18% as of June 30, 2016. In addition, the allowance for loan losses
was 519.1% of non-performing loans at June 30, 2017.

Net interest income for the second quarter 2017 was $8.1 million
compared to $7.6 million during the first quarter of 2017 and $3.9
million during the second quarter of 2016. The net interest margin for
the six months ended June 30, 2017 was 3.76% compared to 3.57% for the
six months ended June 30, 2016. The net interest margin benefited from
the recent increases in the short-term interest rates, a decrease in the
use of borrowed funds, and an increase in loans as a percentage of
interest earning assets. The average loan yield has remained stable
decreasing five basis points to 4.73% for the six months ended June 30,
2017 and increasing eight basis points to 4.79% for the three months
ended June 30, 2017 from the comparable prior year period. Deposit costs
remained constant with the average cost of deposits at 0.30% for the six
months ended June 30, 2017 and 0.30% for the six months ended June 30,
2016.

Noninterest expenses for the second quarter 2017 totaled $6.4 million
compared to $6.1 million in the first quarter of 2017. Noninterest
expense remained stable during the second quarter 2017 with noninterest
expense to average assets of 2.7% annualized, compared to 2.6%
annualized in the first quarter 2017.

Forward Looking Statements

This news release contains forward-looking statements within the meaning
of the federal securities laws. Statements in this release that are not
strictly historical are forward-looking and are based upon current
expectations that may differ materially from actual results. These
forward-looking statements, identified by words such as “will,”
“expected,” “believe,” and “prospects,” involve risks and uncertainties
that could cause actual results to differ materially from those
anticipated by the statements made herein. These risks and uncertainties
involve general economic trends and changes in interest rates, increased
competition, changes in consumer demand for financial services, the
possibility of unforeseen events affecting the industry generally, the
uncertainties associated with newly developed or acquired operations,
and market disruptions. The Company undertakes no obligation to release
revisions to these forward-looking statements publicly to reflect events
or circumstances after the date hereof or to reflect the occurrence of
unforeseen events, except as required to be reported under the rules and
regulations of the Securities and Exchange Commission.

About Sunshine Bancorp, Inc.

Sunshine Bancorp, Inc. was formed in 2014 as the holding company for
Sunshine Bank. The Bank was first organized in 1954 in Plant City. In
2014 after converting from the mutual form of organization to the stock
form, the current name of Sunshine Bank was adopted. The Company
provides financial services to individuals, families, and business
customers from 18 branch locations stretching from the East Coast to the
West Coast of Florida in Brevard, Hillsborough, Manatee, Orange,
Osceola, Pasco, Polk, Sarasota, and Seminole Counties. The Company’s
common stock is traded on the NASDAQ Capital Market under the symbol
“SBCP.” For further information, visit the Company website www.mysunshinebank.com.

Contacts

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Release Summary

Sunshine Bancorp, Inc., the holding company for Sunshine Bank, has released its 2Q 2017 and year to date unaudited consolidated financial results.